An agreement between the Saudi Waja Group and the Arab Organization for Industrialization to establish a joint company to manufacture electric cars in Egypt.
Occurred Saudi Waja Group A framework agreement with the Egyptian Arab Organization for Industrialization to manufacture electric cars in Egypt, according to two separate statements by the parties to the agreement.
This is the Saudi company’s first project in Egypt.
A joint company between Waja Saudi Arabia and the Arab Organization for Industrialization
The agreement stipulates the establishment of a joint production and manufacturing company Electric cars And selling and marketing them, to meet local demand “at competitive prices,” with a focus on exporting to Arab and African countries.
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The press releases issued by the two sides did not contain any details about the size of the capital of the joint company to be established, the investment cost of the project, or the production capacity.
Waja Saudi Arabia has a portfolio of 3 subsidiaries operating in the construction, communications, and information technology sectors, but it is unclear how the group’s expertise will be utilized within the scope of the project.
The first phase of manufacturing will be implemented within one of the factories affiliated with the Arab Organization for Industrialization, while the second phase will begin with the start of operation of the first factories of the new joint company.
For his part, Engineer Mukhtar Abdel Latif, Chairman Arab Organization for Industrialization, about future areas of cooperation that include establishing a joint production and manufacturing company Electric cars In order to meet the needs of the local market and export it to Arab and African countries.
On the other hand, Ibrahim Abdullah Abdul Salam, Chairman of the Board of Directors of the Saudi Waja Group, expressed his appreciation for this cooperation with the Arab Organization for Industrialization, which has enjoyed a pioneering historical role in the fields of industry since its founding.
He praised the commitment shown by the Authority to all international quality standards through its distinguished expertise in implementing various industrial and economic development projects.
